Here are 5 legal requirements for starting a business

Starting a small business is not only about market research, business plans, investors and such there are also various legalities that exist around most if not all types of businesses.

Here are five general legal requirements that a person should ensure their business works or is going to work within these parameters.

  1. Laws and regulations pertaining to the business type
    ASIC will be able to let you know the laws are regulations pertaining to the type of business you wish to operate to ensure your business adheres to and operates within these parameters. Always keep informed of and work to the strict codes of business conducts and fair and ethical work practices to avoid heavy penalties and fines.
  2. Licenses, permits and special requirements
    Check with ASIC what if any are the required licenses, permits or any special operating conditions/requirements that may be needed for the type of business you intend to operate>
    Ensure these documents/permissions are obtained well within the given time frame to ensure the continued operation of your business.
  3. Registered business name
    Business with an intended name it wishes to operate under that name should be registered.
    This must be done with ASIC if you wish to operate a business or trade within Australia.
    Check the exemptions to this rule at http://asic.gov.au/for-business/your-business/small-business/starting-a-small-business/small-business-registering-a-business-name/
  4. Taxes and financial documentation
    Keep taxes up-to-date and filed in order for quick or readily available tax information if and or when called for.
    It is good practice to check what financial records the business is required to keep, for how long and it makes good business sense to have an accountant even if it is just once or twice a year to ensure the company’s finances are in order.
  5. Any zoning restrictions on the business premises
    Some businesses have special zoning requirements and or building code regulations. It is always a good idea to know these and have any premises you intend to use for your business looked over and inspected by the designated authority to do so.  Keep all your documents filed and up-to-date and have regular inspections as usually zoning properties are potential hubs for spot checks to ensure the business is keeping up-to-these standards.  This will ensure your business is not shut down for non-compliance

Top 5 tips for starting a business in Australia

Starting and running a brand new business for you brings a whole new level of stress and anxiety as now there is no steady monthly paycheck that comes with the nine-to-five grind of working for someone else.  Depending on the nature of your business you may now be responsible for that person who works the nine-to-five grind’s steady income as an added stress.

Here are 5 tips to help your business on its way:

  1. Be in the right mindset
    Ensure you are prepared for your new venture it is important for you to understand the scope of your venture and what you are getting yourself into. So take the time to ask yourself:
  • What are you hoping to accomplish with your new venture?
  • What is the income you need to generate to not only keep your business afloat but accommodate that needs of you and or your family?
  • Do you have or can you employ the skill set for what you are trying to accomplish?
  • Is there any advantage to you starting this venture and how long do you plan to run it for?

  1. Have a clear business plan
    It is worth the time and little extra cost to invest in producing a clear and concise business plan to ensure that your business objectives are defined with set targets, objectives and how you plan to achieve them!
  2. Know your market
    Buy understanding your target customer you will be able to create well-defined marketing strategies, ensure your product and the pricing thereof is competitive.
  3. Get your business structure, name, taxes, any required licenses, etc. sorted out
    Ensure you have your businesses tax information and requirements sorted out.
    That your business has been registered and that the name is clearly defined.
    Research any special certifications and licensing that may be required for the type of business.
  4. Ensure you are properly financed and ensured
    Proper financial projections and requirements will ensure your business stays afloat until it starts to turn over a profit.